Federal Reserve Bank of Richmond Reviews | Glassdoor

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Federal Reserve Bank of Richmond Reviews

Updated February 8, 2018
77 reviews

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3.5
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Tom Barkin
2 Ratings

77 Employee Reviews

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Pros
Cons
  • Not innovative due to a lot of "process" requirements and red tape (in 5 reviews)

  • However, the work / life balance is getting better and better due to the leveraging of telecommunications (in 3 reviews)

More Pros and Cons

  1. "Senior Manager"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee in Richmond, VA
    Current Employee - Anonymous Employee in Richmond, VA

    I have been working at Federal Reserve Bank of Richmond full-time (More than 8 years)

    Pros

    Can't beat the benefits package.

    Cons

    Constant budgetary constraints due to pressures from Washington, DC.


  2. "New leaders can mean new opportunities"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee in Richmond, VA
    Current Employee - Anonymous Employee in Richmond, VA
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Federal Reserve Bank of Richmond full-time (More than 5 years)

    Pros

    Great colleagues and benefits. Changing culture is good...less stuffy. Casual dress encouraged and work/ life balance.

    Cons

    Still a bit too down but getting better. Beloved COO retiring. Hope the new CEO doesn't try to change the culture. He's an outsider. But seems decent.

    Advice to Management

    Don't try to go fast with new leaders. Value the talent and leverage it.

  3. "Analyst"

    StarStarStarStarStar
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Federal Reserve Bank of Richmond full-time

    Pros

    Good compensation and educational assistance.

    Cons

    Environment and pace of change might be slower than the private sector.


  4. Helpful (2)

    "Business Analyst"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee
    Recommends
    Positive Outlook
    Approves of CEO

    Pros

    Enjoyed the people that I worked with. A lot of opportunities to transfer within the organization.

    Cons

    Typical business politics - Officers of the organization are placed on a high pedestal, making decisions when they are often out of touch with the day-to-day

    Advice to Management

    When there's an entire team that resigns, with some working with the Fed for more than 20 years - it just might be the manager.


  5. Helpful (5)

    "Cultural Corruption"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    I have been working at Federal Reserve Bank of Richmond full-time

    Pros

    Compensation and Benefits such as the following:
    401K and Pension
    Telework
    Work/Life Balance
    Paid Time Off
    Medical benefits
    Education assistance

    Cons

    The Federal Reserve is a great organization to work for given its mission to serve the nation’s economy but the people within the Richmond Fed have corrupted the culture. Supervision and Regulation is the perfect example of the cultural corruption that exists and will continue to permeate unless meaningful change transpires. Leadership within the department lack the required competencies to effectively lead. Other Glassdoor reviewers have alluded to this contagion as well.

    If you are interested in working for The Federal Reserve Bank of Richmond you must be prepared to accept the following terms:

    • Technical skills undermine interpersonal skills. Expect to be bullied, patronized and marginalized.
    • Ambition is undesirable. Employees are inhibited from developing their careers unless you are one of the “chosen”. The “chosen” are usually unqualified and subservient.
    • Hard work and intelligence is not rewarded and is generally not the basis for rewards and recognition. Leadership engages in collusive behaviors to reward and terminate.
    • The motivation to address diversity and inclusion is superficial. Sameness and exclusion persists. Management and HR trot around willfully blind to the countless issues that remain and habitually lie to your face to ensure placation.
    • HR approaches issue resolution with protection of the organization as the main concern. The Richmond Fed’s reputation takes precedence over employee concerns.
    • Employees are positioned in restricted silos without the ability to exercise their knowledge, skills and abilities. An individual’s KSAs often go unused because management is incapable of recognizing and investing in talent that can positively and exponentially influence change.

    If you are unable to accept these terms, seek employment elsewhere.

    Advice to Management

    Break the cycle by hiring more from outside of the organization to fill leadership roles to get rid of the infection. Hire leaders that are capable of effecting change.


  6. Helpful (2)

    "IT Manager"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - IT Manager in Richmond, VA
    Former Employee - IT Manager in Richmond, VA
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    I worked at Federal Reserve Bank of Richmond (More than 10 years)

    Pros

    Great benefits, flexible work from home arrangements, generous time off, great 401k match and pension plan

    Cons

    Slow to change, people spend more time trying to avoid work than doing it, poor upper management, no value of long term employees, huge disconnect between upper management and employees.


  7. Helpful (1)

    "FRB Richmond"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee
    Recommends
    Positive Outlook
    Approves of CEO

    I worked at Federal Reserve Bank of Richmond full-time

    Pros

    Great work- life balance,

    Cons

    A little too much bureaucracy

  8. Helpful (1)

    "Culture Change"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee
    Negative Outlook
    No opinion of CEO

    I worked at Federal Reserve Bank of Richmond full-time

    Pros

    Great Benefits, Training and Education, Compensation

    Cons

    Zero Tolerance policy; no warning or disciplinary action taken before being terminated


  9. Helpful (1)

    "Proceed with caution"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    I have been working at Federal Reserve Bank of Richmond full-time (More than 5 years)

    Pros

    Awesome benefits and great facilities

    Cons

    Lot's of diversity and inclusion issues. If you go against the status quo, you will not succeed in this company.

    Advice to Management

    Walk the talk, stop social promotions and hire qualified candidates. Too many unqualified individuals are hired and promoted. This sends a bad message to all employees.


  10. Helpful (1)

    "Great Organization depending on department"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Senior Law Enforcement Officer in Richmond, VA
    Former Employee - Senior Law Enforcement Officer in Richmond, VA
    Approves of CEO

    I worked at Federal Reserve Bank of Richmond full-time (More than 5 years)

    Pros

    The Federal Reserve Bank has the best benefits on the market. The pay is excellent and they use the best technology.

    Cons

    Law Enforcement Unit - The management does not listen to their employees. They pretend to listen but never prevail. The scheduling is horrible and they always staff on the minimum level. They do not care about you as individual. If you are sick or hurt you are made to feel you have to be there or be scared you are going to lose your job.


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